Moreover, Prescott noted the Labour party has frequently abandoned the organizational end of the party in favour of the political pursuit of power.

"The politics of organisation are equally as important as the politics of ideas," he added. "We forgot about the organization bit."

Prescott is promising to make badly-needed changes to the manner in which the party is funded and organized.

"You can go on if you like and just have somebody doing what's always been the way," he told the Labour party membership. "Well, we cannot continue to finance a political party in that way."

Nor can the Labour party afford to continue relying on a billionaire to finance their campaigns -- especially if some of its candidates intend to continue to relying on rich-versus-poor class warfare as part of their politics.